MassDevelopment has issued a bond on behalf of Cambridge’s Jefferson Park Apartments in order to demolish and reconstruct the residential complex.

The $30.8 million tax-exempt bond will go toward destroying and rebuilding the six-building, 108-unit affordable housing facility, which was deemed “obsolete” by the Massachusetts Department of Housing and Community Development.

Jefferson Park was built in North Cambridge in 1950, and acted as housing for veterans and their families after World War II.

The reconstruction will create 104 units – 32 one-bedroom units, 53 two-bedroom units and 19 three-bedroom units. Other improvements will include private entrances for each of the units, along with maintaining private outdoor spaces and landscape designs.

Bank of America is the project’s bond purchaser. MassDevelopment also assisted DHCD with the approval of federal low income housing tax credits that will provide approximately $25.1 million in equity.